From the Texas Pension Review Board (PRB)
PRB guidelines for actuarial soundness – implemented 1984
- Funding reflects all plan assets and obligations
- Normal cost be level or declining (% payroll)
- UAAL funding level or declining (% payroll)
- UAAL funded under 40 years
- Under 25-year UAAL funding preferred
- Assumptions comply with ASOPs
PRB guidelines modified (2011)
- Preferred range lowered to 15-25 years from 25-30 years
- Limited benefit increases
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